Zhihu IPO: Valuation First Look
Zhihu is pre-marketing an NYSE IPO to raise proceeds of $1 billion, according to press reports. In this note, we present our forecasts and take the...
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Tencent Music Secondary: Unlikely for Margins to Expand but Should Remain Stable at Current Level
Though higher social entertainment ARPPU helps absorb most of the COGS, we believe TME will have to continuously spend on S&M costs to convert its...
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TME Secondary Listing: Monetisation Efforts in Social Entertainment Should Boost Top Line Growth
This is the First of a series of reports on Tencent Music Entertainment (TME), where we will be deep diving into the company’s business model, its...
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Autohome Secondary Listing - Doesn’t Need the Cash at All
Autohome plans to raise around US$1bn in its secondary listing in Hong Kong. The company is said to have filed confidentially in Jan 2021 and won...
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Tencent Music (TME): Less Attractive than Other Entertainments
Online karaoke and online music plunged in China. Monthly active users of TME’s top app shrank. China Mobile’s music app is freely using TME’s...
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